Walt Disney
DIS · NYSEServices-Miscellaneous Amusement & Recreation · Fiscal year ends Oct 3
Walt Disney reported revenue of $94.4B in the fiscal year ended Sep 2025, up 3.4% from the year before. Operating income was $17.6B, an operating margin of 18.6%, and net income was $12.4B. Operating cash flow of $18.1B less capital expenditure of $8B left free cash flow of $10.1B. Net debt was $36.3B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Oct 2021 | Oct 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Revenue | $67.4B | $82.7B | $88.9B | $91.4B | $94.4B |
| Selling, general & admin | $13.5B | $16.4B | $15.3B | $15.8B | $16.5B |
| Operating income | $7.8B | $12.1B | $12.9B | $15.6B | $17.6B |
| Interest expense | −$1.5B | −$1.5B | −$2B | −$2.1B | −$1.8B |
| Pre-tax income | $2.6B | $5.3B | $4.8B | $7.6B | $12B |
| Income tax | $25M | $1.7B | $1.4B | $1.8B | −$1.4B |
| Net income | $2B | $3.1B | $2.4B | $5B | $12.4B |
| Diluted EPS | 1.09 | 1.72 | 1.29 | 2.72 | 6.85 |
| Diluted shares | 1,828M | 1,827M | 1,830M | 1,831M | 1,811M |
Balance sheet
| Fiscal year | Oct 2021 | Oct 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $16B | $11.6B | $14.2B | $6B | $5.7B |
| Receivables | $13.4B | $12.7B | $12.3B | $12.7B | $13.2B |
| Inventory | $1.3B | $1.7B | $2B | $2B | $2.1B |
| Current assets | $33.7B | $29.1B | $32.8B | $25.2B | $24.3B |
| Net PP&E | $32.6B | $33.6B | $34.9B | $37B | $41.3B |
| Goodwill | $78.1B | $77.9B | $77.1B | $73.3B | $73.3B |
| Total assets | $204B | $204B | $206B | $196B | $198B |
| Payables | $16.4B | $16.2B | $15.1B | $14.8B | $15.1B |
| Deferred revenue | $4.1B | $5.5B | $5.6B | $5.6B | $5.7B |
| Current liabilities | $31.1B | $29.1B | $31.1B | $34.6B | $34.2B |
| Short-term debt | $5.9B | $3.1B | $4.3B | $6.8B | $6.7B |
| Long-term debt | $48.5B | $45.3B | $42.1B | $39B | $35.3B |
| Shareholders' equity | $88.6B | $95B | $99.3B | $101B | $110B |
| Backlog (remaining obligations) | $14B | $15B | $15B | $16B | $16B |
Cash flow
| Fiscal year | Oct 2021 | Oct 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $5.6B | $6B | $9.9B | $14B | $18.1B |
| Capital expenditure | $3.6B | $4.9B | $5B | $5.4B | $8B |
| Free cash flow | $2B | $1.1B | $4.9B | $8.6B | $10.1B |
| Depreciation & amortisation | $5.1B | $5.2B | $5.4B | $5B | $5.3B |
| Stock-based compensation | $600M | $977M | $1.1B | $1.4B | $1.4B |
| Share buybacks | – | $0 | $0 | $3B | $3.5B |
| Dividends paid | $0 | $0 | $0 | $1.4B | $1.8B |
Key ratios
| Fiscal year | Oct 2021 | Oct 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 22.7% | 7.5% | 2.8% | 3.4% |
| Operating income growth (YoY) | – | 56.1% | 6.1% | 21.3% | 12.5% |
| EPS growth (YoY) | – | 57.8% | −25.0% | 110.9% | 151.8% |
| Operating margin | 11.5% | 14.7% | 14.5% | 17.1% | 18.6% |
| Net margin | 3.0% | 3.8% | 2.6% | 5.4% | 13.1% |
| Return on equityBlank when equity is negative | 2.3% | 3.3% | 2.4% | 4.9% | 11.3% |
| ROCEEBIT ÷ (assets − current liabilities) | 4.5% | 6.9% | 7.4% | 9.7% | 10.7% |
| Free cash flow margin | 2.9% | 1.3% | 5.5% | 9.4% | 10.7% |
| Cash conversion (CFO ÷ net income) | 2.79x | 1.91x | 4.19x | 2.81x | 1.46x |
| Receivable days | 72 | 56 | 51 | 51 | 51 |
| Interest cover | −5.02x | −7.83x | −6.52x | −7.54x | −9.69x |
| Debt ÷ equity | 0.61x | 0.51x | 0.47x | 0.45x | 0.38x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $38.4B | $36.8B | $32.2B | $39.8B | $36.3B |
| Current ratio | 1.08x | 1.00x | 1.05x | 0.73x | 0.71x |
Recent filings
More in Services-Miscellaneous Amusement & Recreation
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.